Applications for Cohort 14 now open

Apply here!

Applications close 09 February 2025 11:59pm GMT

The Lloyd’s Lab is a 10 week fast-track, fast fail programme where new concepts, ideas and products can be tested with the support of experts from the world’s largest insurance and reinsurance market. We are looking for fresh ideas to challenge how we do things and help the Lloyd’s market better serve its customers.

We are accepting applications for Cohort 14 under 3 themes, these are ‘New Products’, ‘Data, Models & Processes’ and ‘Shaping the Future of Reinsurance in Bermuda’.

 To help accelerate these products, the Lloyd’s Lab programme offers:

• Access to expert mentors and proximity to key advisors, potential trading partners & investors. ‘Shaping the Future of Reinsurance in Bermuda’ theme participants will have access to Reinsurance and Bermudan based mentors.
• Participants can work out of Lloyd’s in London or wherever best fits their business. However there are the three mandatory weeks in London:
  • Week 1: 28th April – 2nd May 2025
  • Week 5: 26th May – 30th May 2025
  • Week 10: 7th – 9th July 2025

Please note that the Lloyd’s market is for large, specialists risks. Therefore please do not apply for the Lloyd’s Lab programme if your product or service is not suitable for the Lloyd’s market, such as it being for the health insurance, pet insurance, travel insurance, life insurance, etc, space (unless it is a true innovation and first in this space).

1. New Products

Offering new insurance products that helps solve underinsurance or add significant improvements to existing coverages is vital for a sustainable future. We are looking for new insurance offerings that can help our customers become more resilient.

Submissions could include (but are not limited to):

• Technologies which can help our insurers quantify the exposure to new types of risk, such as intangible assets or the transition to a low-carbon economy
• Technologies that can help predict when our clients might be about to experience a loss
• Bundled products – adding insurance to an existing service
• Parametric products, or products based on smart contracts

2. Data, Models & Processes

For the Lloyd’s market, efficient underwriting depends on continually improving the tools and techniques used to select and assess risks, manage risk portfolios, and optimise the claims handling process. Data is the lifeblood of the underwriting process and, with an ever-increasing range of sources available, we want to make sure we’re looking beyond our core data sets to power smart decision-making in the market.

Submissions could include (but are not limited to):

• New data sources that highlight high risk policies for more accurate underwriting
• Predicting future claims based on search engine trends
• Aggregating existing data sets in new ways to reveal hidden trends
• Payment solutions automating reconciliation and distribution of payments
• Documentation processing

3. Shaping the Future of Reinsurance in Bermuda

Bermuda, known as the “Risk Capital of the World,” is home to one of the largest reinsurance markets in the world, the biggest captive insurance market, and is a leader in Insurance-Linked Securities (ILS) issuances. As a specialist jurisdiction in property catastrophe reinsurance, excess, and casualty insurance, Bermuda plays a critical role in global risk management. Yet, new challenges are constantly emerging, requiring innovative solutions to protect the future of this thriving ecosystem and continue its contribution to maintain and uplift the global insurance market.

Bermuda is the largest provider of reinsurance for the Lloyd’s market and we expect them to be a key partner in our future. This is why the Lloyd’s Lab has set a dedicated reinsurance theme and has partnered with the Bermuda Monetary Authority (BMA) to focus on shaping the future of reinsurance. For this theme, we are looking to explore solutions across four different challenge areas: Reinsurance and ILS (Partner Capital), Climate and Catastrophe Solutions, Emerging Threats and Man-Made Risks and Sustainable Insurance Models.

Submissions should be focused on commercial lines of business and could include (but are not limited to):

• Reinsurance and ILS (Partner Capital): Technological advancements to support new products and increase the volume and efficiency of ILS capital’s access to the reinsurance market. This could include; innovations focused on growing Partner Capital through the pricing of complex and long tail risks, development of innovative loss triggers and structures or processes to efficiently recycle and optimise deployed capital, without compromising policyholder protection.
• Climate and Catastrophe Solutions: Solutions that are helping to advance property catastrophe reinsurance through: new modelling products to predict and respond to natural disasters, improved catastrophe models and enhanced loss forecasting.
• Emerging Threats and Man-Made Risks: Offerings that focus on better assessing, managing and covering man-made risks, including those arising from geopolitical uncertainty, cyber events and other non-climate related threats. This could also include new reinsurance products or enhanced existing offerings to cover these risks, especially for large-scale enterprises and multinational clients.
• Sustainable Insurance Models: Products and tools that encourage, facilitate, support or measure industry efforts to move towards net zero, as well as enabling the insurance sector’s ability to contribute towards climate adaptation and resilience. This may include parametric solutions for renewable energy risks, risk transfer solutions to support the growing carbon economy, or incentives for sustainable infrastructure investments.

Each company is scored against 3 criteria; Team, Product, & Programme. Please see our scoring guidance here.

Further details about the Lloyd’s Lab can be found here.

The Lloyd’s Lab will host 2 Virtual Open House events to cover all time zones. They will be hosted on 07 January 2025 at 16:00 – 17:00 GMT and 21 January 2025 at 09:00 – 10:00 GMT. The Open House is an opportunity for applicants to meet the Lloyd’s Lab team as well as members of the Lloyd’s market, to see how the Lloyd’s Lab programme can be of benefit to different companies. Please sign up here.

Key Dates

Applications close: 09 February 2025
Applicants will be told if they have got through to Pitch Day: by 03 March 2025
Pitch Day: 25 March 2025
Programme starts: 28 April 2025
Demo Day: 09 July 2025